The Federal Government has announced a new funding policy that will ensure that cotton, textile and garment companies access low interest loans to finance their operations.

At a meeting with stakeholders in the textile sector held in Abuja, the Minister of Trade and Investment, Olusegun Aganga, said the plan will help boost growth and development of the sector.

He said that the cotton, textile and garment policy would improve production capacity and competitiveness of players in the sector.

In 2010,the Federal Government introduced a 100 billion Naira funding to revive cotton production and textile companies. The fund is managed by the Bank of Industry and it was aimed at addressing the challenges affecting economic growth in the sub sector.

The cotton, textile and garment policy is expected to create over 1.3 million jobs by 2017.

Major players in the manufacturing sector see the policy as one capable of transforming other sectors of the economy as well.

‎They pledged their support towards the realisation of the lofty policy.

Part of the cotton, textile and garment policy is that all military and paramilitary institutions would purchase only made in Nigerian fabrics to boost local patronage.

These and other initiatives are meant to help ensure a ready local patronage for the sub sector.